Legacies and Bequests
There are powerful reasons why all those with a connection to Bromsgrove should remember the School in their will. This is your opportunity to make a difference to the lives of generations to come and take your place among the School’s most distinguished benefactors. Over time, it will help to transform Bromsgrove’s financial situation by dramatically increasing our overall endowment to fund scholarships, bursaries and major capital projects. All those who have pledged a legacy to Bromsgrove in their will are invited to join the Sir Thomas Cookes Society, an association which is held in deep respect and affection by everyone at Bromsgrove. Members are invited to an annual lunch with the Headmaster and the Chair of the Foundation and their names will be recorded on a plaque in the Chapel.
Bromsgrove School and its Foundation are registered charities, which means that bequests are deductible for estate tax purposes, subject to their country of residence.
In the UK legacy gifts to Bromsgrove are exempt from Inheritance Tax. The value of the legacy gift is deducted from the total value of the estate (money, possessions and property) before Inheritance Tax is worked out. Inheritance Tax is due if the estate, including any assets held in trust, is valued at over the current Inheritance Tax threshold (£325,000 in 2011/12). The tax is payable at 40% on the amount over this threshold.
United States of America
US taxpayers can make tax effective bequests by making their legacy gift through the British Schools and Universities Foundation (BSUF). The BSUF has been determined by the U.S. Internal Revenue Service to qualify under Sections 501(c)(3) and 509(a) of the Internal Revenue Code as a tax-exempt public charity. Donors must request their preference for their bequest be used for the benefit of Bromsgrove School. Please contact the Foundation Office for details of how to make a bequest through BSUF or visit their website: http://www.bsuf.org/DonorInfo.html
Non-UK European countries
Taxpayers in Belgium, Ireland, Hungary, France, Italy, the Netherlands, Bulgaria, Germany, Switzerland, Slovakia, Luxembourg, Romania and Poland can make tax effective bequests by making their legacy gift through Transnational Giving Europe (TGE). TGE is a partnership of leading foundations in 14 countries that facilitates tax-efficient cross-border giving within Europe. Please contact the Foundation Office for details of how to make a bequest through TGE. Website: http://www.transnationalgiving.eu/tge/
If you have already made a will, the simplest way to leave a legacy to Bromsgrove is by means of a codicil. We strongly advise that you consult your legal advisor before drafting a new will or updating an existing one.
To notify Bromsgrove about your bequest, please complete the Confidential Reply Form and return by post, fax or email to:
The Foundation Office | Bromsgrove School | Worcester Road | Bromsgrove | B61 7DU
Tel: +44 (0)1527 579679 | Fax: +44 (0)1527 576177 | Email: firstname.lastname@example.org
To find out more about the Society and the different types of legacies please download the Sir Thomas Cookes Legacy leaflet
or contact us for further information.